Category: Rent Out Property

Rent Out Property

What changed in the property market in 2023?

What was different about our housing markets in 2023?

As we close out 2023, the Australian property market looks significantly different from 2022 – we’ve defined all the naysayers and property pessimists and experienced eleven consecutive months of national price increases.

Clearly, this strong price growth is the biggest difference to the markets of 2022 when rising interest rates slowed down buying and selling activities.

And while 2022 finished with many economists anticipating the downward trend to persist into 2023, and some even predicted a faster decline, clearly the opposite happened.

Property Market

Property prices have consistently risen throughout the year

According to the latest PropTrack Home Price Index, property prices have consistently risen throughout the year, rebounding from the 2022 downturn and reaching record highs in various markets.

And as we finished the year the pace of growth has slowed down.

This is attributed to more properties entering the market, providing buyers with increased choices and reduced competition.

Despite this, affordability remains a concern as prices continue to stay high.

Ms Eleanor Creagh, Senior Economist PropTrack recently looked at the milestones the property market achieved in 2023, and how this year was different to last.

In her commentary said:

“Even though

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Rent Out Property

How one US city’s cap on Airbnb and short-term rentals had knock-on effects on home prices and its property market

Airbnb has changed the face of the rental market since it launched in 2008, making it much easier for homeowners to rent out spare rooms or entire houses. But in the years since, cities have started to notice the downside of so much housing stock turning into short-term rentals.

A home for sale in the Gene Autry housing community in Palm Springs, California. Photo: TNS

Activists argue Airbnbs remove affordable housing from the market. Residents complain that the influx of tourists leads to loud, late-night parties and lowers a place’s neighbourly ambience.

Disputes between hosts and renters lead to much drama and months-long courtroom clashes.

As a result, some cities are limiting short-term rentals, and each one seems to have a different strategy.

In the United States, New York allows rentals only if the host remains present in the unit for the entire stay.

Los Angeles adopted the Home Sharing Ordinance, a regulatory framework which requires a license that allows rentals of primary residences for a maximum of 120 days per calendar year.

‘Weirdos wandering the corridors’: Penang bans Airbnb and other short lets

Palm Springs, a city dependent on tourism, tries to preserve its local identity in the era

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Rent Out Property

The charts that show how Australia’s rental market got so broken

Sometimes, being a renter in Australia just plain sucks.

You might be forced to move over and over again, unable to secure a long-term lease. You might be waiting months for repairs, only to get the “landlord special”. Maybe, like many in Australia, you’ve had your rent hiked by an eye-watering amount.

Perhaps you’ve needed to make a drastic change, like 44-year-old Stephen Papadopolous, a renter of 20 years, who recently moved back in with his parents after his landlord sold his apartment of five years in Sydney’s Dulwich Hill.

“I absolutely love the area, I have so many friends close by,” he says. “I tried looking close by in the Inner West for apartments and went to a few open inspections, and the queues and the crowd that turned up was just crazy.

“For five years, I was renting a two-bedroom apartment on my own for $400 a week with no rent increase, and then to have to go find one-bedroom apartments for over $600 was a bit of a shock.”

He’s now living in his parents’ Campbelltown home, on the outskirts of metropolitan Sydney, and is in no rush to rejoin rental inspection queues. “I would never rent

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Rent Out Property

Sydney rents reach record highs as units jump $130 per week over a year

She said the rental market was tight because of strong demand from locals priced out of buying, an increase in single-person households, surging migration and an inelastic and ongoing shortfall of rental properties.

Impact Economics and Policy lead economist Dr Angela Jackson said a fundamental lack of available rental properties was the cause of record rents in Sydney.

“Overall it’s driven by low vacancy rates. “What that means is there aren’t enough properties and there’s too much competition and that’s driving higher rents across the board,” Jackson said.

She said the city will be unable to house critical workers.

“For those on low incomes, and probably even middle incomes, [it will mean] increasing levels of financial stress and not being able to afford other things, including health, food and education,” Jackson said.

Other experts have warned the rental crisis will lead to increasing inequality and homelessness.

“It’s causing widespread financial stress at the moment and economic hardship and undermining economic growth,” Jackson said.

Justin Wilkes and his partner applied for multiple rental properties on the northern beaches, where unit rents jumped 3.6 per cent in the past quarter to $725, but never heard back. It was only when the 35-year-old

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Rent Out Property

Private and public housing rentals slow down, expected to stabilize next year

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalize your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

…

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Rent Out Property

Landlord’s frustration at bad tenants as industry warns against rental caps, freezes

Sandy Dennis is a lifelong Greens voter and environmentalist.

But 30 years as a landlord, 10 of those in Perth, have left her conflicted between the Greens’ tenets of “giving renters a fair go” in “sustainable, quality housing”, and being “burnt” by another bad tenant.

Ms Dennis has gone through five tenants in the past 10 years.

All but one, she said, had either skipped rent, run a methylamphetamine kitchen, failed to clean the house, or left it damaged.

“I had one lady who left the house immaculate, and she was a wonderful tenant but had to go to Queensland,” she said.

“All others have taken off, done a midnight blitz,” she said.

She said they had taken possessions and not left a forwarding address.

“I won’t take anyone who is on social security anymore and I feel bad about that,” she said.

“But four of my tenants have been on social security for one reason or another.

“They have all

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Rent Out Property

UK property rental market sees biggest supply jump in 10 months, Property

THE supply of new UK rental properties rose the most since November 2022 in an early sign of relief for squeezed-out tenants.

The number of new rentals coming to the market increased by 7 per cent in the three months to September, compared with the same period last year, according to a Rightmove report published on Thursday (Oct 5). That helped lift the total number of available rental properties by 14 per cent, while demand dipped 17 per cent over the same period.

“While it is likely that there is some way to go before this filters through to rental prices, we could start to see the pace of yearly rent rises slow more significantly than it has been,” said Tim Bannister, director of property science at Rightmove .

The shift could ease a shortage of properties to rent that’s increased rental costs at a record rate, adding to the worst cost-of-living squeezes in generations. With mortgage costs significantly higher than a year ago, more tenants are stuck renting property at a time when landlords are selling out.

Average rents in London hit a record £2,627 (S$4,373) in the three months to September, a 12 per cent rise from the

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Rent Out Property

only 13% of homeowners consider putting houses on the traditional market — idealista/news

The incentive to change Local Accommodation (LA) houses to traditional rentals is one of the measures provided for in the controversy Mais Habitação (More Housing) program, which was vetoed by the President of the Republic and will be reconsidered in Parliament on 21 September 2023. The truth is that only 13% of LA owners admit to doing so, according to a study carried out by Nova SBE at the request of the Association of Local Accommodation in Portugal (ALEP) and released this Tuesday (12 September 2023).

“(…) With regard to the Mais Habitação (More Housing) program, the vast majority say that they are not considering putting the property up for rent (only 13% are considering it) and a significant proportion of respondents say that there is a risk that they will close down. This expectation of closure is alarming considering that LA is an important part of income for many and that 73% are over 45, so they would find it very difficult to return to the labor market,” the two organizations said in a statement.

If, as a result of Mais Habitação, the accommodation is no longer available for rent, what is the expected use? In response to

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Rent Out Property

White people are 36% more likely to receive a positive response when applying to rent on SpareRoom than black people | UK News

White people are 36% more likely to receive a positive response when applying to rent a home than black people, Sky News has learned.

Exclusive figures provided by Generation Rent show apparent racism currently in the rental markets.

The campaign organization used artificial intelligence to set up two fake profiles, a black and a white one, on the rental website SpareRoom. The only differences in their details were their names and skin color.

Inquiries were sent out by both profiles to property ads randomly selected across the UK, within minutes of each other, with different responses.

Analysis of more than 210 ads found that the white-facing profile was 36% more likely to receive a positive response than the black-facing profile.

The white profile was also 17% more likely than the black profile to receive any response at all.

Graphics of Generation Rent's two AI profiles, one white and one black
Image:
Generation Rent made applications to the same properties with two AI-generated accounts: One with a white woman and one with a black woman.

In one example the same message was sent by both profiles asking about a room in a townhouse.

“Hi there, I’m interested in the property, could I arrange a viewing please?” it read.

The white profile, named Lizzie,

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Rent Out Property

Tenants face delays at VCAT as residential cases balloon

Pending cases on the residential tenancies list have exploded since the pandemic began, up 598 per cent to 23,892 cases as of March, compared to three years earlier, public caseload data shows. VCAT declined to comment for this story.

Tenants have had several significant wins recently. In October, VCAT member Kylea Campana ruled a Shepparton landlord couple could not encourage their tenants to sell their investment property because the tight and unaffordable rental market could make a family of five homeless. It was ruled that the house could be sold with the tenants in place.

Renters face a tight market, and delays if they pursue issues at the tribunal.

Renters face a tight market, and delays if they pursue issues at the tribunal.Credits: Peter Rae

“There is no doubt that the rented premises are the rental providers’ property and they are entitled to sell it,” Campana’s decision reads. “They should also be able to realize the best price possible for their investment – ​​but at what cost to the renters?”

VCAT member Filip Gelev ruled against a landlord attempting to evict their tenant because a family member wanted to move in because the property was held in a company name, and therefore did not have access to the quoted reason to vacate.

“The

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